we all know the probelm of the public aspect of smart contract that harness the code privacy, do you think that APPLYING indistinguishability obfuscation to secure smart contract code resolve this problem ??
This is a question that is really asking about the price of obfuscation and the benefit one can take.
While the price is depending on a smart algorithm, the benefit is depending on the entropy the algorithm provides.
While it is totally possible to obfuscate to a certain level, the win determines how much effort it will take to unassemble it.
There is theoretically no way to obfuscate a program perfectly. The reason is that a program must hold information and therefore also the obfuscation. It can be maximally pseudorandom.
BUT: state channels are an alternative to explore for your application, they can provide a high level of privacy. This is an area of exploration, but you can find many answers in this site or in other blogs.